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My parents combined income last year was $79k. What kind of aid should I expect if by some miracle I got in? (Also note that we own most of our home - about $200k and have about $25k in the bank). Also, what is the purpose of sending in "all forms and schedules" of tax returns? Do they evaluate them closely or are they just for proof? Any other information?

By Thumper1 (Thumper1) on Friday, October 01, 2004 - 09:06 pm: Edit

You can do a finaid estimate by using the calculator on the FAFSA website. Many folks estimate that their EFC (expected family contribution) will be 1/4 to 1/3 of their family gross income. The purpose of sending in your tax returns is to verify that the income you report on the FAFSA is the same as that reported on your income tax returns. The schedules list all kinds of other things like your deductions, interest and dividend income, and other expenses/income. I would say you should expect that they will be evaluated closely because some forms DO get reviewed.

By Jellybean24 (Jellybean24) on Friday, October 01, 2004 - 09:09 pm: Edit

Sorry: I forgot to mention where I was interested in. Although I think Thumper1 already knows (Stanford - yeah right, Duke, etc).

By Marite (Marite) on Friday, October 01, 2004 - 09:11 pm: Edit

Jellybean:

If you think you might qualify, look also at colleges that provide merit aid. This is not linked to income. But you should definitely apply for financial aid. Some colleges count your residence as an asset, some do not. FAFSA is a good start. Another tool others have found useful is the estimator on the Princeton University website.

By Jellybean24 (Jellybean24) on Friday, October 01, 2004 - 09:19 pm: Edit

Well, um, obviously I know that I qualify. A school isn't going to ask me to pay over half of my parents totaly income. And I know about FAFSA and EFC, I was just wondering how accurate the EFC tool is. Thanks!

By Marite (Marite) on Friday, October 01, 2004 - 09:30 pm: Edit

By qualify, I mean that you have the stats to merit the aid. There's actually no "obviously" about your qualifying, either for need-blind aid or for merit aid from your bald query.

By Thumper1 (Thumper1) on Friday, October 01, 2004 - 09:32 pm: Edit

>>school isn't going to ask me to pay over half of my parents totaly income.>>

I don't know Duke or Stanford's policies on finaid. If they don't guarantee to meet your need then they MIGHT be asking you to contribute half of you family income. Many schools "gap" in their finaid awards. I don't know if Duke and Stanford do. Also, keep in mind that your aid might be heavily weighted in loans, which is just delaying paying that hefty cost. It's always worth applying to schools that offer merit aid as well. BUT Duke and Stanford are GREAT university choices. Good luck to you...and I hope this all goes in your favor!!

By Jellybean24 (Jellybean24) on Friday, October 01, 2004 - 10:01 pm: Edit

Yes, of course I'm applying to a bunch of schools with merit aid. I just don't think I qualify for it, so I will probably just end up as one of those bitter 1500 SAT kids at a public school that everyone else hates. But according to the EFC, I should be expected to pay 15-20k a year outright. But I was wondering the accuracy of that.

By Marite (Marite) on Friday, October 01, 2004 - 10:07 pm: Edit

Jellybean:

As an NC resident you have some great choices, including UNC. See EAdad's threads about his son who is a Morehead scholar there.

By Carolyn (Carolyn) on Friday, October 01, 2004 - 11:52 pm: Edit

Jellybean,
Listen carefully to what THumper said. Yes, you may be only expected to pay only 15-20K per year outright BUT your financial aid package will not be a "grant" that wipes out the rest. It will include loans, work study, and grant. The only part that will be "free" is the grant. The work study part you will have to come up with up front and then "work to earn" as the semester goes along. The loan part you will have to pay back after graduation. Therefore, I suggest you go to the library or bookstore and get a hold of the US News & World Reports Ultimate College Guide which breaks down the "typical" aid package for each school into different categories. Ideally, what you want is to identify schools that tend to offer higher percentages of their aid packages in the form of grants and merit aid instead of loans and work study. A $20,000 aid package that is based on $15,000 worth of loans and work study IS NOT the same "value" as a $20,000 aid package that is comprised of $15,000 worth of grants! Yes, your yearly "out of pocket" cost is the same in both cases, but what you will actually pay in the long run is vastly different. It's important to get smart on this difference up front so you won't have any surprises come spring and can compare aid packages intelligently.

By Thumper1 (Thumper1) on Saturday, October 02, 2004 - 08:58 am: Edit

>>I'm applying to a bunch of schools with merit aid. I just don't think I qualify for it>>

Jellybean...if you have the stats to get accepted at Duke or Stanford, then you certainly have the stats to get merit aid at less competitive schools (which still offer excellent educations). DS, a student at BU, was offered a Presidential Scholarship ($5000 per year renewable for the duration of his undergrad study) at Duquesne, a good school without the national recognition that BU has. Fortunately, he also received merit aid from BU (not because of academic work, but because of music ability). There are some great LACs that would love to have students of your caliber and would financially support that desire.

By Jellybean24 (Jellybean24) on Saturday, October 02, 2004 - 07:13 pm: Edit

Thanks a bunch for the encouragement. Yes, I'm applying for schools with a bunch of scholarships...so we'll see...

By Testertest (Testertest) on Tuesday, October 05, 2004 - 03:23 am: Edit

Fill out the FAFSA! Analyse what the questions that the FAFSA are asking. Why are you worried?
Get accepted to the school of your choice first and then worry about the $$. You should be fortunate that your parents have saved so much $ and have been able to do so. Most kid's parents are unable or unwilling to save $. Imagine your original concern(s) if your parents didn't have jobs, able to save $$, and reduce their mortgage!

Fill out this year's FAFSA to get an idea of your standing. The FAFSA will need to be undated in 2005 with the results sent to the schools that you want to apply for $ or aid.

If you are looking for a "JOB" after you graduate, then base you decision to go to the school that 1) you can learn, 2)the potential networking amongst the students, faculty, & alumini, 3) Cost (real money) of the attendance of the that school to your potential success ( which you really won't know until a few years after you graduate) in other words, What is the VALUE. The most successful schools (the higher rated schools) have been successful because they give tremedous VALUE to the students, parents, and the employer, even though the $$ is high.